Two-Unit
For Sale
$260,000
229 W CHEW AVENUE, Philadelphia, PA 19120
As-is duplex with a kitchen and full bathroom on each floor.
Property Size1,472 SF
Days on Market52
Property Features for 229 W CHEW AVENUE
General Information
Standard status
Active
Size
1,472 SF
Property subtype
Duplex
Taxes and HOA fees
Annual Taxes
$2,662
Building Details
Building Size
1,472 SF
Year Built
1926
Stories
2
Tenancy
Multi
Listing Agency:
RE/MAX Affiliates
Listed By:
Andy Ly · License #RS370306
(267) 231-3617
Source:
Lizclarkrealestate
Added: Aug 1
Changed: Sep 19
Last Checked: Sep 20 at 11:59AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX Affiliates
Investment Insights
Based on property information with market context.
Built in 1926, this duplex is offered in as-is condition and includes two residential floor configurations. The first floor contains one bedroom, a living room, a full bathroom, and a kitchen. Upstairs, the layout provides three bedrooms, a full bathroom, and a second kitchen.
The property is located at 229 W Chew Avenue in Philadelphia, Pennsylvania 19120. Its distinct first- and second-floor arrangements provide a clear residential layout for buyers evaluating a duplex property.
The property is located at 229 W Chew Avenue in Philadelphia, Pennsylvania 19120. Its distinct first- and second-floor arrangements provide a clear residential layout for buyers evaluating a duplex property.
Key Highlights
- Two‑floor duplex at 229 W Chew Avenue, Philadelphia, PA 19120
- Built in 1926
- Property is being sold in as‑is condition
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$15,946
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.13%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$318,920
$318.9K
Cap Rate 7%
$227,800
$227.8K
Cap Rate 9%
$177,178
$177.2K
Market Conditions
NOI Build-Up for 1,472 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$24.6K $16.68/SF
− Vacancy
−$1.8K −$1.20/SF
EGI
$22.8K $15.48/SF
− OpEx
−$6.8K −$4.64/SF
NOI
$15.9K $10.83/SF
Area
ZIP 19120
Vacancy
7.22%
Lease Rate
$16.68 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$318,920
Cap Rate 7%
$227,800
Cap Rate 9%
$177,178
Alternative Uses
Best Use
Multifamily LT 5
$227.8K
$199.3K – $265.8K
NOI $15,946 @ 7.0% cap · market cap 6.13%
Second Best
Apartment 5plus
$202.6K
$177.3K – $236.4K
NOI $14,183 @ 7.0% cap · market cap 5.46%
Theoretical Best
Office A
$351.6K
$307.7K – $410.2K
NOI $24,614 @ 7.0% cap · market cap 9.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,528
Businesses Nearby
Explore this area
Business Placement
Demographics for 19120, PA
66,177
Population
25,730
Households
2.6
Avg Household Size
35
Median Age
13%
College-Educated
77%
High-School Grad
3.2 sq mi
ZIP Area
20,680
Density / Sq Mi
$51,993
Median Household Income
$32,980
Median Earnings
$1,186
Median Rent
$143,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - As-is duplex with a kitchen and full bathroom on each floor.
Where is this duplex located?
The property is located at 229 W CHEW AVENUE Philadelphia, PA.
What is the asking price?
The asking price for this property is $260,000.
What are key features of this property?
This property features: Two‑floor duplex at 229 W Chew Avenue, Philadelphia, PA 19120; Built in 1926; Property is being sold in as‑is condition
